Truth Social, owned by Trump Media, has filed for a Bitcoin and Ethereum ETF, highlighting the growing interest of traditional media in cryptocurrency markets.
ETF Filing by Truth Social
Trump Media's Truth Social has filed an application with the U.S. Securities and Exchange Commission (SEC) for a Bitcoin and Ethereum exchange-traded fund (ETF). This underscores the current trend of traditional media outlets entering the cryptocurrency market.
Partnership with Crypto.com
Trump Media, founded by former U.S. President Donald Trump, is partnering with Crypto.com, which will act as the exclusive custodian and prime execution agent for the ETF. The ETF's business trust structure is sponsored by Yorkville America Digital.
Expectations and Market Impact
The ETF is expected to boost investor interest in Bitcoin and Ethereum, with assets physically held in a 75% to 25% ratio, respectively. Currently, the ETF will not involve DeFi or other tokens, but it is anticipated that this initiative could impact market dynamics. While no official statements from TMTG or Donald Trump have been released, the market is closely monitoring the SEC's responses.
The Truth Social ETF filing represents a significant step in institutional financial initiatives, awaiting a decision from the SEC. This might lead to substantial shifts in investment flows within the cryptocurrency market.
